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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16-0.19%) are down -0.21% at a 3-week low and European stocks are down -1.11% at a 3-1/2 month low on growing uncertainty about the UK's future in the European Union. Increasing odds that Britain will vote yes to Brexit in the Jun 23 referendum has undercut GBP/USD as it falls -0.73% to a 2-month low, sent the German 10-year bund yield below zero for the first time and government bond yields fell to record lows in Australia and Japan. Strength in the dollar has also undercut commodity prices with July WTI crude (CLN16-1.19%) down -1.37% at a 1-week low. The Fed begins its 2-day policy meeting today and although the market is expecting no change in Fed policy, the post-FOMC statement and comments from Fed Chair Yellen will be parsed for clues as to when the Fed may raise interest rates again. Asian stocks settled mostly lower: Japan-1.00%, Hong Kong -0.61%, China +0.32%, Taiwan +0.47%, Australia -2.06%, Singapore -0.61%, South Korea -0.29%, India unchanged. Japan's Nikkei Stock Index dropped to a 2-month low as exporter tocks sold-off after USD/JPY fell to a 1-1/4 month low. China's Shanghai Composited erased losses and closed higher on speculation that MSCI will announce on Wednesday whether China's domestic equities will be added to its global benchmark indexes.

The dollar index (DXY00 +0.40%) is up +0.44% at a 1-week high. EUR/USD (^EURUSD) is down -0.58% at a 1-week low. USD/JPY (^USDJPY) is down -0.36% at a 1-1/4 month low.

Sep T-note prices (ZNU16 +0.20%) are up +10.5 ticks at a new contract high as global government bond markets rally on Brexit concerns and equity market weakness.

September E-mini S&Ps (ESU16-0.19%) this morning are down -4.25 points (-0.21%) at a new 3-week low. Monday's closes: S&P 500 -0.81%, Dow Jones -0.74%, Nasdaq -0.86%. The S&P 500 on Monday sold off to a 2-1/2 week low and closed lower on Monday's -3.21% decline in China's Shanghai Composite and on heightened Brexit concerns as the latest polls show that the June 23 Brexit vote is too close to call, which sent European stocks tumbling to a 3-1/2 month low. Stocks received some underlying support from a rally in mining stocks and raw-material producers as gold and silver prices rose to 1-month highs.

September 10-year T-note prices (ZNU16 +0.20%) this morning are up +10.5 ticks at a fresh contract high. Monday's closes: TYU6 +7.50, FVU6 +5.75. Sep T-notes on Monday climbed to a fresh contract high and closed higher on increased safe-haven demand with Brexit concerns and the sell-off in stocks. T-notes also received a boost from reduced inflation expectations after the 10-year T-note breakeven inflation rate tumbled to a 2-3/4 month low.

The dollar index (DXY00 +0.40%) this morning is up +0.411 (+0.44%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0066 (-0.58%) at a 1-week low. USD/JPY (^USDJPY) is down -0.38 (-0.36%) at a 1-1/4 month low. Monday's closes: Dollar Index -0.209 (-0.22%), EUR/USD +0.0041 (+0.36%), USD/JPY -0.71 (-0.66%). The dollar index on Monday closed lower on reduced Fed rate-hike expectations with the upcoming Brexit vote and on the continued decline in U.S. Treasury yields. Meanwhile, USD/JPY fell to a 1-1/4 month low on safe-haven demand for the yen.

July WTI crude oil (CLN16-1.19%) this morning is down -67 cents (-1.37%) at a 1-week low. July gasoline (RBN16-0.58%) is down -0.0102 (-0.66%) at a 1-month low. Monday's closes: CLN6 -0.19 (-0.39%), RBN6 -0.0234 (-1.50%). July crude and gasoline on Monday closed lower with July crude at a 1-week low and July gasoline at a 1-month low. Crude oil prices were undercut by the slide in the S&P 500 to a 1-week low and by carryover weakness from Friday's Baker Hughes report that U.S. oil rigs rose for a second week. Crude oil prices were supported by a weaker dollar and by oil supply concerns after EIA data showed that global oil disruptions reached an average 3.8 million bpd in May, the most since the EIA began tracking the data in 2011.